Bitcoin is anticipated to undergo a consolidation phase before potentially reaching new all-time highs, with traders eyeing a retest of $107,000. Despite a drop in price to about $108,500 following a profit-taking move at the Wall Street opening, optimism persists regarding Bitcoin's trajectory. Key indicators suggest that this brief consolidation period may set the stage for a breakout beyond previous highs. Analysts and traders like Michaël van de Poppe have identified the $107,000-$108,000 zone as an ideal buying opportunity, while others like Mark Cullen have noted lower targets of $106,000 or even $98,000 in case of deeper corrections. As the Financial markets await critical U.S. macroeconomic data, including Consumer Price Index (CPI) and Producer Price Index (PPI) reports, there’s a cautious sentiment among investors. Risk sentiment could be influenced by these reports ahead of the Federal Reserve's upcoming meeting to discuss interest rates, with expectations suggesting limited rate cuts before September.

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